Affordable housing is defined by the Department of Housing and Urban Development as housing the costs no more than 30% of a person or household’s income. For people in the lowest income brackets, that’s next to impossible amid a global pandemic and an unforgiving job market.
Reno’s housing marketing is in a period of historically low inventory. There are only 41 affordable housing units for every 100 renter households earning between 31% – 50% of the median income. There are only 27 affordable units for every 100 renters making 30% or less of the area’s median income (according to an analysis of Comprehensive Housing Affordability Strategy (CHAS) data from 2010 – 2014).
In addition to the housing shortage, there were also more than 7,000 people estimated experiencing homelessness in Nevada as of January 2019, a number that is believed to be undercounted. Affordable housing seems to come with a negative perception, often hindering its creation, in addition to the costs and hurdles that exist for developers. Despite these challenges, housing advocates and nonprofits are working to address this critical need.
Some of the solutions offer a health care facility, others a drive thru tent, and still others tiny houses. Click here to read the full article of the movers and shakers in our area who are addressing the affordable housing shortage.
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Realtor® Sierra Nevada Properties
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